Consolidated same-store sales at
The TJX Companies Inc.
), an off-price retailer of apparel and home fashions, descended
2% year over year in the five-week period ended Apr 6, 2013.
Comparable store sales in the period were within the guidance
provided by management.
Total sales climbed 5% for the aforementioned period to $2.4
billion. The modest growth is attributable to the early Easter
coupled with the unusually cold weather across the U.S., Canada
However, comparable store sales climbed in regions where the
weather was warmer. Moreover, the cold weather gave the usual
boost to the home category, while the apparel section
suffered. Management also noted that sales picked up at the
end of Mar, as weather improved, and the company has started Apr
with a good momentum and an excellent inventory.
In the U.S. Division of The Marmaxx group, comp sales slipped
3%. A strong 7% gain in home fashions comps were offset by a 5%
decline in apparel comps. While West Coast reported a comp
increase in mid-single digits, Florida and the Southwest
outperformed the chain with positive comps.
TJX Canada, however, was negatively affected by winter storms
and reported a slip of 5% in same-store sales during the month.
TJX Europe continues to report flat comp sales compared
with the year-ago period.
Although cold weather affected most retailers,
Limited Brands Inc.
) reported sales ahead of view with comp gains of 3% and 2%
Costco Wholesale Corp.
) reported the highest comp gain of 4%.
For the first quarter of 2014, the company expects earnings per
share between 60 cents and 62 cents compared with the earlier
guidance range of 59 cents to 62 cents.
Headquartered in Framingham, Mass., TJX is an off-price
apparel and home fashions retailer operating in the U.S. and
internationally. The company operates its stores under the T.J.
Maxx, Marshalls, Winners, HomeSense, HomeGoods, and T.K. Maxx
trademarks. It currently carries a Zacks Rank #3 (Hold).
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